MANGMT 3540 1st Edition Lecture 17 Outline of Last Lecture I Types of interests of non breaching parties II Six categories of money damages Outline of Current Lecture III Equitable vs Legal Remedies IV Types of Equitable Remedies V Election of Remedies Current Lecture I Equitable vs Legal Remedies A Equitable Remedies i When Allowed 1 Monetary damages common law or legal remedy alone must be inadequate 2 Person seeking equitable remedy must be acting fairly ii Types of remedies orders to act or refrain from an act orders to change a status iii Judge decides facts no right to jury trial B Legal remedies i Required avenue where monetary compensation is sufficient ii Right to have a jury trial Jury decide facts These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute II Types of Equitable Remedies A Rescission and Restitution i Cancellation of the contract and restoration of the Status Quo precontract situation ii Available where there is lack of reality of consent B Specific Performance i A court order requiring a party to perform the terms of the contract ii Only available for unique items iii Land is unique iv Examples art heirlooms C Quasi Contract i Elements 1 One party provided a service or benefit to the other party 2 The other party is unjustly enriched if there is no payment for the benefit ii Application 1 Material breach either breaching or non breaching party may use in appropriate circumstances a Breaching party b Non breaching party 2 Work done by mistake 3 Unconscious patient best example D Injunction i A court order that something be done or be stopped ii Elements of proof 1 Money damages must be inadequate 2 Irreparable injury must result if there is no injunction E Reformation i An oral agreement is imperfectly reduced to writing scrivener s error so the agreement is revised to conform to the parties intent III Election of Remedies A Problem of Double recovery i Allowing both equitable and legal remedy can lead to double recovery B Example i Both rescission and money damages for negligent misrepresentation get damages for a bad car you no longer have because you got your money back and returned it C Choice required i Typically the plaintiff must choose between contradictory remedies prior to submission of case to judge or jury for decision
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